Redstone FCU Savings Accounts

Redstone FCU which is based in Huntsville, AL, is offering three different savings accounts. The accounts include a Regular Savings Account, Christmas Club Savings account and a "You Name It" Savings Account.

The Regular Savings Account is a share savings account that you have to open if you want to join the credit union. The current savings account rate is 0.50 percent with an annual percentage yield of 0.50 percent. Share savings dividends are paid monthly. Minimum daily balance is $5.

The Christmas ClubSavings Account allows you to save money all year for holiday gifts at the end of the year. You can make contributions through payroll deduction, automatic transfer or make regular deposits. The current savings account rate is 0.55 percent with an annual percentage yield of 0.55 percent. There is no minimum opening balance or daily balance.

The You Name It Savings Account forces you to save by not allowing you access to your account via an ATM. In order to earn savings dividends, you have to maintain an average daily balance of $500. Perhaps the savings account should be named the No Access Savings Account.